Question # 1

If the rate of inflation goes up, the real wags of labourers will :

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Increase

Decrease

Remain the same

Noe of the three

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

Which one will determine scale of production .

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Financial resources

Production techniques

Extant of the market

All the above

The necessary condition for equilibrium position of a firm is

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MR > MC

MC > price

MC = MR

MC = AC

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

When MP curve cuts AP curve, the AP is at its.

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Lowest point

Highest point

Neither of the two

Eighter of the two

Demand is a function of

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price

quantity

supply

none

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

Economics laws are

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exact

approximate

brief

definite

Which statement is true?

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Economics is a physical and normative science

Economics is a social and natural science

Economics is physical and positive science

Economics is a social and normative science

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

Mobility of labour can be promoted by.

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Health

Better rewards

Immigration

Information media

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

The capital laying in the deposits of commercial bank is called.

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Domestic capital

Real capital

Foreign capital

Money capital

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